Cables and wire makers, which had been stock market favorites during the recent bull run, saw a sharp decline in Thursday's trading, becoming some of the biggest losers of the day. This drop followed UltraTech Cement's announcement of its entry into the sector with an ₹1,800 crore investment. Investors expressed concerns that the Aditya Birla Group's move into this business could negatively impact the profitability of existing players, similar to the disruption caused in the paint industry after the group's foray into that sector.
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